Following the highly anticipated launch of the ‘FedNow Service‘ on July 20, 2023, the United States Federal Reserve meticulously developed a revolutionary instant payment infrastructure. Following the FedNow launch, Robert Kiyosaki cautions investors, urging diversification into Bitcoin, gold, silver, and cash amidst potential CBDC impact.
Robert Kiyosaki’s Cautionary Note
Robert Kiyosaki, the esteemed author celebrated for his best-selling personal finance guide ‘Rich Dad Poor Dad,’ has recently sounded the alarm regarding its potential ramifications. This cautionary sentiment was shared with the public last Friday as Kiyosaki urged his devoted followers to reassess their investment portfolios. He specifically advocated for diversification into alternative assets, namely Bitcoin (BTC), gold, and silver, and maintaining liquidity in cash. Kiyosaki’s recommendation is rooted in his foresight of a plausible introduction of a Central Bank Digital Currency (CBDC) on the horizon.
CBDC Foresight
In a comprehensive post shared on September 29, Kiyosaki articulated his concerns, suggesting that unveiling the ‘FedNow’ system might indicate preliminary steps toward implementing a nationwide CBDC. He not only raised a red flag about the potential erosion of privacy but also posited that such a development could serve as a catalyst for an upswing in the value of traditional assets, including gold, silver, Bitcoin, and cash.
Kiyosaki went so far as to predict that these assets are poised to transcend mere monetary value, becoming “priceless” in the foreseeable future. Urging prompt action, he emphatically advised his audience to consider investments in these avenues “before it’s too late.”
Kennedy and Emmer’s Warnings
These apprehensions voiced by Kiyosaki find resonance in the wider political spectrum. Notably, Democratic presidential candidate Robert F. Kennedy Jr. has issued a stark warning, expressing concerns that a CBDC might pave the way for what he terms “financial slavery and political tyranny.” Similarly, Republican Representative Tom Emmer has taken proactive measures by reintroducing a bill in September aimed at thwarting the development and establishment of a CBDC by the Federal Reserve and the Biden administration.
As of the most recent market update, the price of Bitcoin is holding steady at $27,162, reflecting a commendable 2.72% gain on Friday and a noteworthy 1.83% increase over the preceding week. Despite this positive momentum in the cryptocurrency market, Bitcoin is still charting a modest decline of 1.03% on its monthly performance chart.
Conclusion and Federal Reserve’s Stance on CBDCs
Highlighting the urgency of strategic investment decisions, Kiyosaki, on September 20, underscored the significance of seizing the opportunity in decentralized finance (DeFi) assets, including Bitcoin, as well as traditional safe-haven assets like gold and silver.
While the Federal Reserve acknowledges the potential benefits of CBDCs, such as providing convenient electronic access to central bank money for U.S. citizens, facilitating faster and more cost-effective transactions, and enhancing consumer accessibility to the financial system, concrete plans for the implementation of a CBDC in the United States remain undisclosed, shrouded in anticipation.
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